Every day, the awareness of investing in resilient infrastructure for sustainability grows. Regardless of the different approaches societies worldwide adopt, some common challenges emerge wherever these policies are implemented. In this brief explainer, I discuss the four most significant issues when building resilient infrastructure for a sustainable future: 1) funding gaps, 2) regulatory barriers, 3) technical capacity and the critical combination of 4) political will and public support.
The international community has frequently called for building infrastructure resilience, adopting sustainable practices, reducing emissions and adapting to climate change.
After landmarks such as the Paris Agreement and the Sustainable Development Goals (SDG), many countries have implemented domestic policies to address climate change, such as carbon pricing and renewable energy targets.
However, implementing these plans and translating such commitments into action can be challenging. Here are the most important reasons why. The gap between the investment needed and the funding available is a challenge, particularly in developing countries. Banks, venture capitalists and private equity investors, for example, depend on the prior existence of a funding or financial net.
In the lack of stable and reliable investment legislation to build resilience and sustainability, a funding gap is formed.
Infrastructure programs are costly, requiring both public and private investment. Regulatory barriers can make it difficult to attract private sector investment in sustainable infrastructure. Whenever regulatory design is outdated, inefficient or flawed, private sector players have no incentives to participate.
Limited technical capacity can make it difficult to prepare and manage large-scale, long-term, expensive infrastructure projects. Many governments are not technically equipped to meet such needs.
Further, political will and public support are necessary to drive progress in sustainable infrastructure investments. Democracy erosion, polarized environments and the diminishing of civil discourse put collective problem-solving at risk.
Ensuring a safe and prosperous future for all and preparing cities, regions and countries for climate change requires lots of informative and non-partisan public debate.
The future awaits for the whole ecosystem to take a stand on shared solutions. But pragmatic economic concerns cannot be overlooked. So be a part of the conversation!
Any thoughts? Please share any insight or doubt on the topic in the comments! Let's explore innovative solutions for complex public problems. Every perspective matters!